Get your business booming

I went to my mechanic yesterday and he says that business is booming. He's seeing an increasing number of people who are getting their cars fixed instead of buying new ones. So in this economy, his business is thriving. How can you shape your business so that it thrives in a downturn?

Here are two approaches to consider.

1. Work out your customers' pain points

The key is to analyse your customers and work out what their pain points are during this climate. When you do this, you can focus your marketing on solving their problems, saving them money - or whatever it is that you identify as a driving factor. Think about what worries them, what keeps them up at night.

I see a similar trend in my training business. In my discussions with human resources managers, some of them are saying that while they may be slowing down on recruitment, they are concentrating on upskilling their existing staff. So, in the same way that my mechanic's clients are spending money on fixing and maintaining their cars, these human resources managers are investing in their current team and helping them to acquire new skills.

2. Can you shape your offering to target a new group of customers?

Apart from marketing to the pain points of your customers, think about whether your offering could be shaped to meet the needs of a whole new set of customers. For example, you might be a personal trainer who is used to doing one-on-one training.

If some of your customers are feeling the pinch, maybe you can evolve your usual one-on-one training into group training. You can still make the same kind of revenue (possibly even more), lower your price point and reach a new set of customers.

Ultimately, you can sit back and let the downturn take its course, playing "victim" along the way. Or you can create new opportunities and revenue streams for your business. Which will it be?

Posted
by Valerie KhooJanuary 30, 2009 11:09 AM

LATEST COMMENTS

Valerie, it's a great point you are making. A number of our clients have decided not to buy into the 'so called' resession. So much so, one of them just opened new offices in USA. We call this 'finding the new cheese' phenomenon. To make 2009 the best year for your business, you must change with the times. Rather than saying how come things have changed and wanting to do the same old way. There is plenty of business out there. The challenge is are you good enough to go and get that business? Our clients who are excelling right now are the people who have taken up the challenge.
Louise Woodbury
Author of The Invisible Entrepreneur
http://www.take3months.com.au